Senate votes tonight on revised bailout. Agree with changes?

October 1st, 2008, 9:50 am · 26 Comments · posted by Dena Bunis, Washington Bureau Chief

Today it’s the Senate’s turn to try and revive the $700 financial rescue plan. It looks like the vote will happen sometime after 5 p.m. Pacific time and that all three senators on the presidential trail - Barack Obama, John McCain and Joe Biden - will be back in Washington for the vote.

Congressional leaders have made some changes they hope will score a big win for the bailout in the Senate, which would put pressure on their House colleagues across the Capitol.

The revisions include: Increasing for one year the $100,000 cap on Federal Deposit Insurance Corp. insurance to $250,000; extending some business tax breaks that have expired; about $78 billion in renewable energy incentives, and some relief for the Alternative Minimum Tax.

House Republican leaders are banking that the additions may change some “no” votes to “yes” votes. But Democratic leaders are worried that some conservative Democrats in the Blue Dog coalition will object to the tax breaks that don’t have offsetting budget cuts.

What do you think of the changes made to bailout bill?

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Posted in: Congress • Economy • meltdown

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mike says:

October 1, 2008 at 11:00 am

New Tax earmarks in Bailout bill
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

Tax earmark “extenders” in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)
With these kids of earmarks on a bill thats supposed to save america. You can tell Washington is sure looking out for us… How would you vote?

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Robert Bobby G says:

October 1, 2008 at 11:13 am

To the senate and the congress
Stop do not vote for a bailout the market is already starting to rebound Credit is still available for people with high credit scores the people who have adjustable rate mortgages and have not refinanced will lose their homes most of them could not afford what they bought anyway Stop stealing from the rest of us It is not your money it is our money. You politicians are nothing but expensive welfare recipients anyway You work for us the people we pay you with the money you take from us. Stop no mas stop

Lisa says:

October 1, 2008 at 11:30 am

Mike,
That’s a crock, isn’t it? Has McCain said that he will support it? Because if he does, he will have lied to the American people about not voting for any bill with earmarks in it.

Brian says:

October 1, 2008 at 11:35 am

The Senate will vote for this bill and pass it. They are more out of touch with the voters than the House is. I say vote no.

Dina says:

October 1, 2008 at 11:43 am

call 1-202-224-3121 to voice your opinion.

mw says:

October 1, 2008 at 12:02 pm

Please- no bail out! Giving money to these insitutions is only protecting the wealthy investors.. it does nothing to fix the problem at hand. Bush wants to compltely bankrupt the American people on his way out of office. This is but one more example of how all of his cronnies were rewarded big time for selling thier sould. THIS NEEDS TO STOP. The media needs to come clean about the bailout and start reporting on all of the people in opposition. ALL WE HEAR ARE THREATS FROM THE FEDERAL RESERVE… we hear nothing on opposing opinions. The media has helped stage this bailout as something absolutely neccisary for the finnancial health of the country. If this bailout goes through - we will be worse off. Its TIME THAT OUR CONGRESS STAND UP FOR THE PEOPLE, AND CONTINUE TO REJECT ANY FORM OF BAILOUT.

ocobserver says:

October 1, 2008 at 12:04 pm

There was a world renown economist (Feldstein) from Harvard on the Charlie Rose show last night. He said throwing $700 billion of our tax dollars to the Wall Street crooks and the foreign bankers will not benefit the financial crisis. 200 other world renown economists agree with him. 2 days ago Bernanke created $630 billion out of nowhere and threw it into the credit markets. No effect. These idiot politicians are throwing a glass of water on a forest fire. The horse has already left the barn. The bailout will hurt the average taxpayer by eroding the value of the dollar and turning future generations into indentured servants of the government. These idiot politicians will make matters even worse. The last I checked we are supposed to have a representative democracy in America and those who screw up their businesses are supposed to fail. Throw all those american principles out the window. They don’t apply anymore. VOTE ALL POLITICIANS WHO VOTE FOR THIS BAILOUT OUT OF OFFICE! THEY ARE TRAITORS. Quasi communists.

Congress Fraud says:

October 1, 2008 at 12:16 pm

It’s a HUGE indicator that there are more Demos supporting a financial rescue bill than Repubs.
If what Mike says is true, it’s because of all the pork and riders that have been grafted to it.
Our legislative system had become rotten to the core.
Vote on single issues. If an “Earmark” is worthwhile, put it to the vote, in the open, in the light, where we can all see it. If it’s another subsidy for Indian gambling, let it succeed or fail on its own.
I support creating a check and balance for an economic and financial disaster. I don’t support a free-for-all of feeding at the trough!

DENA BUNIS, Washington Bureau Chief says:

October 1, 2008 at 12:28 pm

Just a suggestion. The switchboard to the main Capitol number, 202-224-3121 for the Senate and 202-225-3121 for the House is pretty clogged. Here’s a link to our contact information for California’s senators and House members in case you want to register your opinion.
here’s the link: http://www.ocregister.com/articles/font-size-state-142558-percent-strong

Joan says:

October 1, 2008 at 12:34 pm

Now they are trying to bribe us with tax reductions blah, blah, blah.
Now they are going to keep housing gamblers in their houses. Guess what, if you did not jump into the housing casino you missed out on possible gains AND a complete do-over to keep you “investment” at a shiny new tax payer reduced cost.
This Senate meeting on C-Span is one big reach around. I’d like to thank (insert BS Senator selling us down the river) for his diligent work, blah, blah, yak, yak.

If this passes I will not pay another mortgage payment or credit card payment. I WILL get my part of this bail-out. Will you?

Or will you continue to get shafted because you believed paying your bills, living within your means and being fiscally responsible was an American value?

Get your a$$ out there and run up that credit card bill the minute this passes. They think it’s such an emergency to keep Wall Street’s giant pay checks flowing, wait till they see a mass surge in credit card use (that we won’t pay back). Go get that flat screen TV, get that dirt bike, go buy your wife a diamond necklace you heel!

If this passes you will know the $40k millionaires living the high life on what will turn out to be our tax dollars were the smart ones. Are you going to stay dumb or are you going to get yours?

And fax your sell-out Representatives and tell them you’ll be joining them at the country club (curtesy of Mastercard).

Willow Ufgood says:

October 1, 2008 at 1:30 pm

I think it is complete crap and the US taxpayer should be outraged.

BF says:

October 1, 2008 at 1:39 pm

Everyone needs to apply the same pressure to their Senators as we all applied to our House Reps.
Make it clear if you oppose this bill. Unfortunately our Senators are not up for re-election any time soon so most likely they will tell us to pound sand.

Do not let up on your House Reps. They are our best bet to kill this deeply and now enven more deeply flawed plan!

Again be very clear with your Reps. that “You” fully support them voting “NO” on this bill.

Kmoochiee says:

October 1, 2008 at 1:40 pm

and to top it off was the CEO payoff included in the revised so that the wealthy can stay weathly. either way I say NO

October 1, 2008 at 1:41 pm

http://www.prisonplanet.com/figures-reveal-corporate-cronyism-at-work-in-bailout-vote.html

October 1, 2008 at 1:44 pm

I want a detail on every item on that bailout, why not let the public see it we have a right. This government is turning into social liberals. and king george must now be de throwned.

October 1, 2008 at 1:46 pm

What did they add to the bill? They did not fix it, they made it worse.
All told, it would cost about $112 billion over five years.
Plus the original 700 Billion
http://news.yahoo.com/s/ap/financial_meltdown;_ylt=ArL.GYK3z3YmQaLHlU03aJ.s0NUE

Who are we bailing out?
http://news.yahoo.com/s/ap/20080930/ap_on_re_la_am_ca/lt_meltdown_pointing_fingers

Read all you can, be informed, Tell them NO!

Free Money!!!! says:

October 1, 2008 at 1:48 pm

Once this passes I plan on cashing out my 401K and spending it on junk. Why do I need to save for retirement? Why make my mortgage payments?

I will be living the high life baby, maybe I’ll go to Vegas. What do I need to worry about, the government will back my idiotic decisions. I am just a moron, I can’t make decisions for myself.

I am the new US citizen, absent intelligence and responsibility. Let it ride baby!

Ramon says:

October 1, 2008 at 1:52 pm

Regarding the bailout, granted, it’s the Democrats who started this program of lending mortgage loans to poor people. It started in Sept. 1999. It was a pilot program by Fannie Mae of easing credit requirements on loans. That it will purchase from banks and other lenders, because that’s what they do. It’s to extend home mortgages to individuals, including the illegal aliens, whose credit is generally not good enough to qualify for conventional loans. Supposedly, there was a lot of pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and there was pressure from stockholders to maintain Fannie Mae’s phenomenal growth and profits. In effect, the Clinton Administration was saying that if you’re black or brown, you get a loan. It doesn’t matter if you’re jobless, it doesn’t matter if your credit is bad or nonexistent, it doesn’t matter if you don’t have income, and it doesn’t matter if you don’t have a down payment. You’re black or you’re an illegal alien here and don’t speak English, you get a loan, period.

Now, why didn’t anyone in the Republican Party put a stop to this nonsense?? You can say that it started with the Democrats but why didn’t the Republicans stop it??? They were there, they were fully in charge of Congress and the presidency, they had the votes, and they were running things for the last 8 years. You can’t have power and do nothing with your power and then blame the other side. What’s the point of electing a Republican Congress and a Republican president if they don’t stop this kind of nonsense??? George W himself jumped on the bandwagon in 2002 and exacerbated the problem.

jeffm495 says:

October 1, 2008 at 2:04 pm

No- this economic disaster might be the best thing to happen to the country in decades.

Let the liars and greedy on both sides pay the price. The longer it takes to pass, the more I like it. Paulson wants too much- 700 Billion in cash, basically, to keep things as they are. It’s his friends who are hurting- he comes from that world. I don’t buy that businesses will have trouble getting loans- for long. Now- sure, but not in a month. The market will find a way.

So we have a month of tough times- let’s see what shakes out. The housing bubble was fueled by the Clinton Administrations push for housing for low-income households- great policy if they helped the poor save to increase wealth to qualify- but they did it by eliminating requirements to meet basic loan agreements- so they permitted stated incomes.

It’s the Democratic party’s fault- forget hearing Pelosi admit that- they got houses for low-income (read no-income) households- now face the music.

Yes, more are buying onto “it will affect all of us”- no money-man- I don’t believe you- you have no idea what will happen outside your pretty system. I’ll bet WE come out fine- but YOU might lose millions. Let’s let it roll!

October 1, 2008 at 2:09 pm

Ramon
To answer your question. The Dems stopped Rep. attempts to get more oversight into Freddie and Fanny
Attached is a link to some of the congressional talks about the risks w/freddie and fanny

http://www.youtube.com/watch?v=_MGT_cSi7Rs

October 1, 2008 at 2:30 pm

The bailout is now 812 Billion Dollars with the “Tax Cut” and additional Bolt-ons

trent1280 says:

October 1, 2008 at 2:50 pm

Has Sen McCain gone mad? Just two months ago, he admitted he had met Mrs Palin a grand total of ONE time before asking her to run as his vice-president. Today? He claims he has been in her ear asking advice “many times in the past”.

When, exactly, did this happen? How often? Since which year? Decade?

Sen McCain’s absurd claim contradicts everything he has said to date about the exact parameters of their ‘relationship’. His claim is, on its face, ridiculous.

It is also the desperate and grasping remark of a man who made a reckless choice, who is seeing her credibility slip by the day — even among registered Republicans — and is trying to shore her up with bogus claims about their intimate relationship.

Sen McCain’s reckless dash to Washington, his “suspended” campaign, and his complete failure to bring his own Republicans with him on the bailout bill portend how he would act as President: impulsive. Reckless. Disjointed. Clumsy. And utterly ineffective.

To make matters worse, a know-nothing like Mrs Palin stands just one more melanoma away from the Oval Office.

Surely the Republic Party — which once offered such heroes as Lincoln, TR, and Ike — can do better than this ghastly duo.

bpsqwerty says:

October 1, 2008 at 3:15 pm

yeah let’s all nominate a bunch of clowns like do-nothing, take-credit-but-no-blame-for-everything Obama and that lunatic Joe Biden with his foot in his mouth the entire time. gimme a break

October 1, 2008 at 3:22 pm

BTW I support the majority of changes to the bill, it’s the rest of the cra pola I’m against

Detective John Kimble says:

October 1, 2008 at 4:06 pm

Why does everyone bring up politics? Screw both parties! Their inaction on MAJOR issues have caused most of the problems in this country and put us in a serious fiscal crisis.

What about the $60 TRILLION in unfunded liabilities? Medicare? Social Security? Illegal Immigration? Has any of this been discussed on either the house or senate floors. NO! They are too busy voting themselves raises and debating gay marriage.

Screw the system! Let’s blow it up and start from scratch. Your kids will thank you.

October 1, 2008 at 5:26 pm

The John and Ken Show is a fraud. Both of them support the bail out. Did somebody pay them off? Or did Clear Channel jump down their throats? Last week John was railing about the bailout. Suddenly on Monday he fell into line and called the average taxpayer too stupid to think for himself. Shame on both of them. Boycott their show!

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